The company bought the park for its planned casino and entertainment complex in the city’s Bronx for $156.6 million, according to the Commercial Observer. reported. Spokespeople for the company and the city did not immediately comment on the transaction.
The park in question is located at 450 Hutchinson Parkway in the Throggs Neck section of the community. The 16-acre parcel is part of a wider 300-acre golf course, Golf Links at Ferry Point, which was previously leased to Donald Trump.
Bally’s bought the Trump Organization out of its 20-year lease on the park in 2023, although it is not known how much the deal cost.
The Bally’s casino would be built on parking lots and a practice green area. The project includes a 500,000-square-foot gaming facility, 500 hotel rooms and a 2,000-seat entertainment venue, all spread over 3 million square feet.
Notably, Bally’s $4 billion investment in the location limits the length of the company’s license term. In this case, the gaming license is only valid for 15 years, shorter than other casinos popping up in the region.
Late last year, New York State’s Gaming Facility Location Board recommended casino licenses for the only remaining proposals in Queens and the Bronx: Steve Cohen’s Metropolitan Park, Bally’s Golf Links at Ferry Point and Resorts World’s expansion of the Queens Aqueduct.
Weeks later, the state Gaming Commission conditionally approved casino licensing for the three proposals that received keyboard approval earlier this month, ending a yearslong competition that once included a dozen visions for facilities in the city and beyond.
However, the Commission only approved the facilities on the condition that companies agree to have an independent monitor ensure they keep the promises they made to their respective communities.
— Holden Walter Warner
Read more
State signs agreement with three casinos for NYC
Jackpot! Three casinos in NYC are officially given the green light, with caveats
Not so fast: Bally’s Bronx casino plan gets another chance
#Ballys #buys #site #citys #Bronx #casino